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SEE SIDEBAR: A FOREST GROWS IN BROOKLYN. SEE SIDEBAR: CAUGHT IN THE PATH OF AFTERSHOCK
Developing the Borough. Major planned projects in Brooklyn MetroTech Cost: $770 million Description: 16-acre academic and commercial office complex with 4.2 million square feet of space Developer: Forest City-MetroTech Associates and Polytechnic University Major Tenants: Securities Industry Automated Corp., Brooklyn Union Gas, Polytechnic University Subsidies: $6 million Urban Development Assistance Grant, $10 million Municipal Assistance Corp., $26 million city loan, $14 million Port Authority loan, 23-year tax abatement, 37 percent reduction in electricity rates, 30 percent reduction in commercial occupancy tax Status: Approved by Board of Estimate, July, 1987 Atlantic Terminal Cost: $530 million Description: Twin 24-story towers on 18-acre site, with 3.1 million square feet of office space, 50,000 square-foot supermarket, 10-screen cinema, 641 units moderate-income housing Developer: Rose Associates Major Tenants: Health and Hospitals Corp., Waldbaum's, General Cinema of Boston Subsidies: $10.7 million UDAG, $5 million from MAC, $20 million capital budget, 23-year tax abatement, 37 percent reduction in electricity rates, 30 percent reduction in commercial occupancy tax Status: Approved by Board of Estimate, October, 1986 Renaissance Plaza Cost: $150 million Description: 360-room hotel and 30-story office tower with 600,000 square feet of space Developer: Muss Development Corp. Major Tenants: Hilton Hotel Subsidies: $6 million UDAG, $6 million from MAC, $6.2 million capital budget, 23-year tax abatement, 37 percent reduction in electricity rates, 30 percent reduction in commercial occupancy tax Status: Approved by Board of Estimate, October, 1986 Pierrepont Plaza Cost: $143 million Description: 19-story, 650,000-square-foot office tower Developer: Forest City Enterprises and Ratner-Kessler Realty Major Tenants: Morgan Stanley & Co. Subsidies: $5 million UDAG, $4 million from MAC, $8.4 million capital budget, 23-year tax abatement, 37 percent reduction in electricity rates, 30 percent reduction in commercial occupancy tax Status: Construction nearly complete Livingston Plaza Cost: $65 million Description: 12-story, 500,000 square-foot office building Developer: Cohen Brothers Realty Corp. and Starrett Housing Corp. Major Tenants: None Subsidies: 23-year tax abatement, 37 percent reduction in electricity rates, 30 percent reduction in commercial occupancy tax Status: Approved by Board of Estimate, September, 1987 55 Hanson Cost: $22 million Description: Renovation of 13-story building on Hanson Place Developer: Hanson Redevelopment Inc. Major Tenants: New York State tax and civil service divisions...